Divco West Real Estate Services LLC and Blackfin Real Estate Investors have acquired Herndon, Virginia-based Avalon Woodland Park, an apartment community. No financial terms were disclosed. Avalon Woodland Park has been renamed Adara Herndon.
Washington, DC — (November 9, 2018): Divco West Real Estate Services, LLC, a leading vertically integrated real estate investment firm (DivcoWest), has closed on the purchase of Avalon Woodland Park, an apartment community in Herndon, Va. DivcoWest acquired the property in partnership with Arlington, VA. based multifamily operator, Blackfin Real Estate Investors. The partnership has renamed the 392-unit community, Adara Herndon.
Adara Herndon is located adjacent to the recently opened East Coast headquarters of Amazon Web Services and is surrounded by retail amenities in the heart of the Dulles Technology Corridor. Adara Herndon provides residents with convenient access to the Dulles Toll Road, Washington-Dulles International Airport and to both existing and future Silver Line Metro stations.
Set on just over 16 acres, the 13-building community is highly amenitized and features a mix of one-, two-, and three-bedroom units. DivcoWest and Blackfin plan to embark on a capital improvement program focused on upgrading the community’s common areas, amenities and individual unit finishes. The community has not been renovated since it was built in 2000.
DivcoWest, founded by Stuart Shiff, is a vertically-integrated operator, owner, developer and real estate partner to the innovation economy. Since its inception, DivcoWest and its predecessor have acquired more than 42 million square feet of commercial space located primarily in U.S. coastal innovation markets. The current real estate portfolio includes existing and development properties across office, R&D, lab, industrial, retail and multifamily.
Headquartered in San Francisco, DivcoWest has corporate offices in Boston, Los Angeles, Washington, DC and New York, as well as numerous property management locations. For press inquiries, please contact Andrew Neilly at [email protected] and to learn more, visit www.divcowest.com.
About Blackfin Real Estate Investors
Blackfin Real Estate Investors is focused on acquiring and repositioning multifamily properties from the Carolinas to Boston. Its experience within real estate spans the spectrum of real estate investment management, capital renovations, property operations, finance and accounting. Founders Andy Buchanan and Doug Root have more than 30 years of combined experience working for institutional quality apartment acquisition, development, and management companies. Both are experienced real estate and investment management professionals. They have worked with some of the most respected names in real estate, development and investment management throughout the country. Visit www.blackfinrei.com for more information.